Terms include $1,250 in bonuses and annual raises for the next four years, as well as some profit sharing from the company. Verizon will also add 1,300 unionized call center jobs on the East Coast, even though it wanted to shut down call centers in the U.S. to move them overseas.

Verizon abandoned proposed pension cuts and changes to its illness and disability policy. But it wasn't all bad news for Verizon. Union members will take on more health care costs, saving the company millions.

The nearly seven-week strike became so contentious that Labor Secretary Thomas Perez had to help mediate, and the end couldn’t have come soon enough for Verizon. The labor stoppage reportedly made it hard for Verizon to install services for new customers.

The agreement still needs to be ratified by the union, which is expected to happen in the next two to three weeks. If ratified, the contract will be good until August 2019.